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Shinichiro Nakamura

Research Analyst at Bank of America Corp. /de/

Shinichiro Nakamura is an Equity Analyst at BofA Securities Japan Co., Ltd., specializing in Japanese banking and financial institutions with coverage of major companies including Mitsubishi UFJ Financial Group, Mizuho Financial Group, and JAPAN POST BANK. He maintains a diverse stock coverage with a success rate of approximately 67% and an average return of 15% per rating, earning a 3.51-star ranking on analyst platforms; his top recommendation on GMO Payment Gateway delivered a 90% annualized return. Nakamura began his career in financial research and has served as Analyst-Equity for BofA Securities Japan, contributing to earnings calls and industry research, with tenure prior to or around 2020 based on firm rebranding records. He holds recognized credentials as a registered analyst in Japan, actively participating in sector coverage for leading banking and financial institutions.

Shinichiro Nakamura's questions to MITSUBISHI UFJ FINANCIAL GROUP (MUFG) leadership

Question · Q2 2026

Shinichiro Nakamura inquired about the full-year CET1 ratio forecast, requesting details on its expected level and breakdown. He also asked about MUFG's exposure to the private credit market in the US, particularly concerning large-scale loans and increasing risk concentration, and sought clarification on inorganic investment rumors.

Answer

Jun Togawa, Group CFO, projected the CET1 ratio to be between 10-10.5% by the end of FY2025, detailing the impact of net income accumulation, shareholder returns, increased risk assets, and Morgan Stanley's profits. He stated that MUFG does not have significant exposure to the private credit market but is monitoring volatility, and emphasized careful project selection for data center lending. Togawa declined to comment on inorganic investment rumors.

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Question · Q2 2026

Shinichiro Nakamura asked for clarification on the full-year CET1 ratio forecast, its expected level and breakdown, and inquired about a Bloomberg article regarding inorganic investments. He also questioned the current situation of private credit in the U.S. and MUFG's thoughts on increasing risk concentration, citing large-scale loans to data centers.

Answer

Jun Togawa (Senior Managing Corporate Executive and Group CFO, MUFG) projected the CET1 ratio to be between 10%-10.5% by end of March 2026, detailing impacts from net income, shareholder returns, risk asset increase, and Morgan Stanley's profits. He stated 'no comment' on the Bloomberg article but reiterated consideration of opportunities in AMIS, digital, and U.S. Asia. On private credit, Togawa-san noted MUFG's limited exposure and declining NPL ratio, emphasizing monitoring volatility and careful project selection for data centers.

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Shinichiro Nakamura's questions to MIZUHO FINANCIAL GROUP (MFG) leadership

Question · Q2 2022

Shinichiro Nakamura of Bank of America Securities asked for an evaluation of the CET1 ratio, considering the hedge effect from bear funds, and inquired about the possibility of share buybacks as a form of additional shareholder return.

Answer

CFO Makoto Umemiya stated that the CET1 ratio of 9.6% (fully effective basis) already exceeds the 9% target, even after accounting for the eventual decline in COVID-related loans. He acknowledged that this strong capital position allows for consideration of incremental shareholder returns. While not committing to a specific plan, he confirmed that the company will evaluate striking a balance between growth investments and potential share buybacks.

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